JamesKim
Senior Member
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Joined: 26 Sep 2007
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The first question to ask is how do record companies generate revenue? In the recording industry, most likely advertising, but more importantly, royalties. Now I was looking over my tax textbook and it can reported on either Schedule C or E. If you're actively receiving royalties as part of your business, then that is reported on Schedule C. Schedule E would be used if that is not your business, more or less a side thing. I'm not sure if 15% is imposed on self employed businesses, which would be reported on Schedule C. Maybe someone can figure that out for me.
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